Ocean View Multi-Family
For Sale
Contact for pricing
3635 Cardinal Boulevard, Daytona Beach, FL 32118
Rare 4-plex near the ocean with short-term rental potential.
Property Size6,800 SF
Price / SF$205.88
Days on Market748
Property Features for 3635 Cardinal Boulevard
General Information
Standard status
Active
Size
6,800 SF
Property subtype
Multifamily
Zoning
01R6
Building Details
Year Built
1973
Listing Agency:
Shoreline Realty
(386) 585-5571
Listed By:
Matthew McLean · License #3342557
Source:
Crexi
Added: Jul 23, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Shoreline Realty
Investment Insights
Based on property information with market context.
This multi-family 4-plex property is located just a block from the ocean and a few blocks from the river. The property contains 4 townhouse-style units, each featuring three balconies and a back patio. A garage is located on the first floor of each unit. Constructed of concrete block, the building has a roof that was updated in 2017. Newer air conditioners have been installed, and there is a laundry room. Three of the units have been recently renovated. Short-term rentals are allowed. The property has a total size of 6800 square feet. Three of the units are rented long term, and one is being rented short term.
Key Highlights
- Short term rentals allowed.
- Multi‑Family 4‑plex property with ocean views.
- Unbeatable location**: one block from the ocean and a few blocks from the river.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$59,653
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,193,060
$1.2M
Cap Rate 7%
$852,186
$852.2K
Cap Rate 9%
$662,811
$662.8K
Market Conditions
NOI Build-Up for 6,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$94.7K $13.92/SF
− Vacancy
−$9.4K −$1.39/SF
EGI
$85.2K $12.53/SF
− OpEx
−$25.6K −$3.76/SF
NOI
$59.7K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,193,060
Cap Rate 7%
$852,186
Cap Rate 9%
$662,811
Alternative Uses
Best Use
Multifamily LT 5
$852.2K
$745.7K – $994.2K
NOI $59,653 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$740.2K
$647.7K – $863.6K
NOI $51,816 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$2.01M
$1.75M – $2.34M
NOI $140,352 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 32118, FL
17,906
Population
16,390
Households
1.1
Avg Household Size
58
Median Age
31%
College-Educated
94%
High-School Grad
4.2 sq mi
ZIP Area
4,263
Density / Sq Mi
$60,418
Median Household Income
$36,153
Median Earnings
$1,283
Median Rent
$339,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Rare 4-plex near the ocean with short-term rental potential.
Where is this quadplex located?
The property is located at 3635 Cardinal Boulevard Daytona Beach, FL.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: Short term rentals allowed.; Multi‑Family 4‑plex property with **ocean views**.; Unbeatable location**: one block from the ocean and a few blocks from the river.
